Regulatory reform and risk-taking: replacing ratings

An earlier version of this paper was entitled "Replacing Ratings." We thank Andrew Cohen, Richard Cantor, Jess Cornaggia, Andrew Ellul, Jerome Fons, Andra Ghent, John Griffin, Dwight Jaffee, Anastasia Kartasheva, Eric Kolchinsky, Terrance Odean, Matti Peltonen, Tad Philipp, Joshua Rauh, Farzad Saidi, Erik Stafford, Richard Stanton, Terri Vaughan, and Nancy Wallace as well as seminar participants in Stockholm, Berkeley, Rotterdam, ECB, Maastricht, the European Winter Finance Conference, the NBER summer institute for credit ratings, the Bundesbank and the Bank of Spain for comments and suggestions, Jack He, Jun Qian and Phil Strahan as well as Pab Jotikasthira for sharing data, as well as Kevin Garewal and Andrea Schulman for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.